We break down a brutal two-day sell-off in Bitcoin miners, weigh gold’s run against Bitcoin’s long-term outperformance, and map the financing levers that decide who scales and who stalls. From Terawulf’s debt to Bitfarms’ capped call to IREN’s war chest, strategy beats fear.

• drivers of the miner sell-off and Bitcoin price breaks
• gold surge versus Bitcoin cycles and positioning
• ETF flows, liquidations and short-term volatility
• debt trade-offs and Terawulf interest coverage
• convertible notes, premiums and capped call mechanics
• timing ATMs to compress dilution
• IREN’s capital raise and multi-gigawatt roadmap
• Bitdeer’s vertical integration and repair center scale
• co-location versus self-deploy risk in GPUs
• Core Scientific vote, valuation scenarios and shareholder calculus

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We break down why miners are rising while Bitcoin chops, and how power, contracts, and HPC pivots are reshaping valuations. From the Core Scientific vote to Bitdeer’s ASIC roadmap, we map the capital, capacity, and catalysts driving the re‑rate across the sector.

• ETF accumulation vs muted Bitcoin price action
• Miner decoupling from BTC and why power matters
• Core Scientific–CoreWeave parity math and vote stakes
• Analyst multiples for HPC vs Bitcoin mining
• CapEx plans, ATMs, convertibles, and dilution trade‑offs
• Soluna’s hosting momentum and project finance
• Bitdeer’s production, SEAL Miner roadmap, and ASIC TAM
• HPC pipeline expansions in Ohio, Norway, and Washington
• HUT 8’s underappreciated sites and AI optionality
• Data‑center comps from BlackRock–NVIDIA signaling higher MW valuations

Take a second, smash the like button, guys
If you're not already subscribed, McNally Moneie, feel free to join
Let us know in the comment section below which miner you're most bullish on right now and why?

Bitcoin dips, miners rip, and the market rewards real power and execution. We track the HPC pivot across TeraWulf, Bitfarms, IREN, Cipher, Core Scientific, and DMG, and explain why megawatts, land, and cooling now drive valuations more than exahash alone.

• CME gap fill and BTC volatility context
• Miners’ rebound and HPC pivot as a re-rate driver
• Bitfarms CFO change aligning with energy and infrastructure finance
• TeraWulf’s proposed $3.2B financing and contract execution
• Site strategy: Great Lakes water, PUE advantages, and scalability
• AI/HPC power gap expanding toward ~82GW by 2030
• Valuation frameworks, deal timelines, and market optimism
• Price targets for Cipher, Core Scientific, and IREN
• Land banks and optionality across major miners
• DMG–Malahat sovereign compute and defense angle
• Hashrate, difficulty, and economics for mining vs HPC

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